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Saturday, October 20, 2012

Profits soar at 2 largest mortgage lenders - Yahoo! Finance

The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits.

JPMorgan CEO Jamie Dimon declared that the housing market "has turned the corner." Wells Fargo CEO John Stumpf said that "every quarter, we have more confidence."

Wells said it issued $139 billion in mortgages from July through September, compared with $89 billion in the same period last year. JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.